The Department of Lands and Surveys has released new data on the sales of residential properties in Cyprus to local and foreign buyers for the month of November 2024.
According to official statistics, a total of 1,506 residential units were sold in the island state during the month. Of these: 914 transactions were made by local buyers and 592 by foreign investors. Of the 592 properties purchased by foreigners, 182 were bought by EU citizens and 410 by third-country nationals.
Domestic property sales
Domestic property sales in November 2024 increased by 8% compared to the same month in 2023. A total of 914 house purchase contracts were signed with locals, compared to 848 a year earlier.
Looking at Cypriot cities, Limassol was the leader in terms of the number of contracts signed with Cypriots in November 2024 (326), followed by Nicosia (282), Larnaca (159), Paphos (112) and the free areas of Famagusta (35). Meanwhile, compared to the same month in 2002, the number of transactions increased in Limassol (+34%) and Nicosia (+16%). Negative dynamics were recorded in Paphos (-9%), Larnaca (-16%) and the free neighbourhoods of Famagusta (-29%).
In turn, the total number of transactions with local buyers from January to November 2024 was 8,728 (+11%) compared to 7,834 for the same period in 2023. In Limassol, 2,927 units were sold in 11 months against 2,530 in the same period last year, in Nicosia 2,738 units against 2,337, in Larnaca 1,672 units against 1,567, in Paphos 1,013 units against 956, in the free areas of Famagusta 378 units against 444.
It should be noted that the actual sales figures in this category include a certain number of 'non-sale' agreements such as loan restructurings, repossessions and debt-for-asset swaps agreed between banks and defaulting borrowers as part of the banks' efforts to reduce their NPL portfolios. Unfortunately, the Department of Lands and Surveys does not publish these figures separately.
Property sales to foreign investors
Transactions with foreign investors increased by 10% compared to November 2023. A positive trend was recorded in all Cypriot cities except Limassol (-1%). In Nicosia, sales increased by 11%, in the free areas of Famagusta by 63%, in Paphos by 1% and in Larnaca by 30%. A total of 592 property purchase agreements were concluded with foreigners, compared to 538 a year earlier.
Looking at the cities, Limassol (185) took first place in terms of the number of transactions concluded with foreigners in November. It is followed by Paphos (175), Larnaca (153), Nicosia (40) and the free areas of Famagusta (39).
The total number of sales contracts from January to November 2024 was 5,730. Of these: 1,828 transactions in Paphos, 1,677 in Limassol, 1,421 in Larnaca, 330 in the free neighbourhoods of Famagusta and 474 in Nicosia. In the first 11 months of 2024, the number of transactions with foreigners fell by 10%.
Property sales to EU nationals
Property sales to EU nationals in November 2024 increased by 22% compared to the same period in 2023. The total number of sales contracts was 182 compared to 149 a year earlier. Of these:
- 16 transactions were in Nicosia,
- 14 in the Free areas of Famagusta,
- 34 in Larnaca,
- 45 in Limassol,
- 73 in Paphos.
Between January and November, sales to EU citizens decreased by 3%. The total number of transactions was 1,743 compared to 1,789 a year earlier. Negative dynamics were recorded in Limassol (-11%) and Paphos (-12%). From January to November 2024, 426 sales transactions were registered in Limassol, 582 in Paphos, 225 in Nicosia, 372 in Larnaca and 138 in the free areas of Famagusta.
Sales to third country nationals
Property sales to third country nationals in November 2024 also increased by 5% compared to the same period in 2023. The total number of sales contracts was 410, compared with 389 a year earlier. Of these:
- 24 transactions were in Nicosia,
- 25 in the Free areas of Famagusta,
- 119 in Larnaca,
- 140 in Limassol,
- 102 in Paphos.
Between January and November 2024, sales fell by 13 per cent. The total number of transactions was 3,987. In the capital of Cyprus, 249 sales transactions were recorded in the first 11 months of 2024, 1,251 sales transactions in Limassol, 1,049 sales transactions in Larnaca, 1,246 sales transactions in Paphos and 192 sales transactions in the Free neighbourhoods of Famagusta.